Praedium, Grubb Acquire Charlotte Asset
- Jun 08, 2012
Charlotte, N.C.—A partnership between New York-based The Praedium Group and Charlotte-based Grubb Properties has acquired Magnolia Station Apartments, a 456-unit community in Charlotte. The 2008-built property was picked up for $36.5 million and will be renamed Sterling Steele Creek Apartments.
“The acquisition of Magnolia Station is a terrific opportunity to own a well-located Class A multifamily asset in southwest Charlotte,” says Asim Hamid, vice president of The Praedium Group. “Along with our partner, we plan to enhance the property through landscaping and signage upgrades, as well as improvements to the pool, fitness center and clubhouse.”
Location obviously played a huge role in the purchase as well. The asset is seven miles from Charlotte Douglas International Airport and in close proximity to Ayrsley Town Center, a 5 million-square-foot mixed-use retail, business and neighborhood district. Community amenities at the property include a clubhouse, fitness center, picnic area with barbecue grills, a playground and two swimming pools.
IRET completes two Nebraska acquisitions totaling over $34.7M
Lincoln, Neb.—Investors Real Estate Trust (IRET) has completed the acquisition of Colony Apartments and Lakeside Village Apartments. Both communities are located in Lincoln, Neb.
Colony Apartments was picked up for $17.5 million, $3.3 million of which was an umbrella partnership real estate investment trust (UPREIT) contribution from the seller. The 232-unit asset is comprised of four apartments building that sit on 14.7 acres.
Lakeside Village Apartments was picked up for $17.25 million, $3.5 million of which was an UPREIT contribution by the seller. That property is a 208-unit community with eight buildings arranged on approximately 11.5 acres.
NorthMarq Capital arranges seven-year, $26.4M mortgage
Davenport, Fla.—Joel Coykendall, senior vice president and managing director of NorthMarq’s Jacksonville Regional office, arranged first mortgage refinancing of $26.4 million for Integra Meadows Apartments, a 304-unit conventional market rate multifamily property located in Davenport, Fla.
Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower, Integra Meadows LLC, by NorthMarq through its seller-servicer relationship with Freddie Mac.